Colombia’s vibrant capital of Bogota is hosting three competing international film festivals this year. After decades of being overshadowed by the coastal town of Cartagena, and its well-established film fest run by producer Diana Bustamante, the capital will see two new film fests launch in 2015. They join Bogocine (Oct. 20-28), led by founder Henry Laguado since 1984, which will face stiff competition for films and sponsors.

The seeds of a venture investment scene are beginning to sprout at the early stage in Latin America, and now countries like Colombia and Chile are taking steps to make sure young companies can take root.

Lollapalooza is boosting its global stage presence with a new music festival in Colombia.The festival franchise, which marks its 11th anniversary in downtown Chicago this weekend, will make its debut in Bogotá in the fall of 2016.